Mediazest (LSE:MDZ) — Investor Presentation

0:01 Good afternoon and welcome to the MEDIAZEST PLC investor presentation. Throughout this recorded presentation, will be in listen only mode. Questions are encouraged and can be submitted at any time by the Q and A tab situated in the right hand corner of your screen. Just simply type in your questions and press send. The company may not be in a position to answer every question it receives during the meeting itself. However, the company will review all questions submitted today and publish responses where it is appropriate to do so. Before we begin, I'd like to submit the following poll. And I'd now like to hand you over to Jeff Robertson, CEO. Good afternoon, sir.

0:33 Good afternoon, Alessandra. Thank you very much, and thank you everybody for joining us today. As Alessandra said, my name is Jeff Robertson. I'm the CEO of MEDIAZEST PLC. I'm just gonna give a short presentation on our final results for the year ended the 09/30/2022 and give a bit more detail about what the company does for those who might not be too familiar with our work.

0:57 As Alessandro said, I'm chief executive officer, and I'll be presenting today. On the board is also Lance O'Neill, who's our nonexec chairman, and James Abdul is our independent nonexec director. I think probably the easiest way to understand what MEDIAZEST does is to see it. So we're gonna start with a short thirty second video just with some of our work and some of our recent projects. So, Alessandra, if you could play that, please.

1:51 Thanks, Alessandra. So, yeah, lots of varied and exciting work, and I'm gonna talk a little bit today about how we deliver our projects, what we do, and how we come up with those solutions. So first and foremost, why MEDIAZEST? Why now? So 2022 financial year '22 was a is a great year for us. We saw 26% revenue growth year on year and an EBITDA profit, our record EBITDA profit of £220,000, which a is big 184% increase from the prior year. The operating subsidiary, which is MEDIAZEST International Limited, recorded an EBITDA of nearly £500,000, so really pleasing result. We have multiple long term blue chip clients we're working with, obviously, a strong recovery now post COVID. All of the markets and all the key sectors in which we operate are expanding rapidly, and I'm gonna talk a little bit more about that.

2:42 And we saw a swing to profit after tax at group PLC level after loss of prior year when we were impacted heavily by COVID.

2:53 What about the business proposition? So what do we do? We deliver turnkey audio visual solutions to our and we generate revenue from project fees, which include the installation of hardware and software in our customer sites. But, also, we generate ongoing recurring revenue streams from service and maintenance contracts that's supporting those solutions and also including content hosting and content management for our clients.

3:19 We work in three key sectors, so retail, automotive, and corporate offices. For retail, we're seeing a real evolution of retail focusing on really on customer experience now with technology as the enabler. That's been going on for several years, really supercharged post COVID. At automotive, we're seeing new dealership business models both with dealer groups and with manufacturers, and also seeing lots of innovation in that sector around electric vehicles, and that's really driving the use of technology. In corporate offices, again, this is a trend that was happening before, but we're seeing a real acceleration of it post COVID. It's hybrid working, people taking reduced space and having reduced occupancy levels, and that needs more technology to manage that resource more efficiently, but also to manage when people are in the office and maybe they wanna collaborate with someone who's at home or in a completely different part of the world.

4:12 Our strategy really has sort of four pillars. So firstly, it's an ongoing strategy to improve performance visibility and the value of the business by focusing on long term contractual revenues and clients that generate repeat business. We focus on clients with long term opportunities to deploy solutions across multiple sites, whether that's retail stores, car dealerships, or offices. We've got a very diversified client base in different sectors even within each market. So even within the retail sector, there's lots of diverse clients in different areas, which helps reduce risk, of course. The common thread for us is innovation in audio visual. And the fourth pillar, and this is a really growing one for us, is collecting data from our installations and using that provide actionable insight to our clients.

4:58 So we do this by using discovery technologies such as cameras, sensors, touch screens from the sort of Internet of Things and big space arena, and we add those to our core systems. So what we're saying to our clients is we won't just design a solution and provide that for you and look after it, but we'll also give you information and data on how it's working, where it's doing well, if it's delivering what you want, and how you can improve it. So really adding that value and also demonstrating long term return on investment for our customers.

5:27 Layering on top of that strategy, excuse me, what we're seeing recently in the last twelve months, there's been an increase in work outside of The UK and particularly in The EU. We've been in Spain, The Netherlands, France, Germany, and in the last twelve months and United States as well beyond that. We've worked for many years globally for for some of our clients, but we're really seeing an increase in appetite there. Because of the increase in the EU appetite and post Brexit to make it easier to deliver our projects, we've established a Dutch subsidiary, and that went live in December 22. So we're expecting to see the ability to deliver more projects and deliver them more efficiently for our clients in the coming years. I think I'm really excited about that proposition. So I mentioned the three markets, retail, automotive, corporate offices.

6:14 I think another good way to understand what we do is to sort of take you through just some quick case studies in each of those. So starting with retail, This is Lululemon. They've been a client for nearly ten years now. We work with them across The UK, but also across Europe. We deliver audio visual solutions for their stores. This one is a flagship store in the Champs Elysees, opened in December 22. There's LED in there behind the cash desk. There are screens around the the shop itself talking about their ambassadors, talking about their offers, and also some innovation stuff. So we've got a transparent LED going in there as well. So a real mix of technologies we're delivering for them across Europe, ongoing support and ongoing content help as well. Another good example, pets at home, we've worked with for nearly five years now.

7:04 We do digital science for them across their stores. We've done about 70 so far, and that can be quite varied. So it's got different use cases in the store. So it could be at the cash desk where people are waiting to keep them entertained, talk about offers, to talk about their brand. It can be at the front of the house as you walk in. There's an interactive screen, and that's got some nice things like selfies or games. It really great for engaging children when they're coming in, maybe looking at the animals, you know, to bring in through that next generation. And, also, we've recently started working in the vet surgeries for them as well. So reception screens, waiting screens in the dog and the cat areas. So, you know, we can keep them informed of offers. They can get their messaging across.

7:49 In the retail market, in general, we hear lots of lots of talk about the the retail and the death of retail and death of bricks and mortar. I think that's been going on for twenty years. We've had those stories. What we're really seeing is is actually a a focus focus change to fewer better stores. So that the high street is evolving, but it's talking about now fully integrating the online and offline platform to provide a seamless customer experience. So that's more important than ever post COVID. So your website has to reflect your your store, your bricks and mortar, and vice versa. You know, you want one experience, and it's look same look and feel the same to your customers, however they choose to interact with you. I think one of the the things that came out of the pandemic was certainly some of the increase in digital and really made the case for why digital is so important. They're able to get messaging out quickly to customers. So whether that's in a shop window saying we're closed today, we've not got enough staff, Please go to your nearest store. It's here. Or it's talking about the measures you're taking to protect people or it's facilities such as click and collect, which are, you know, growing enormously in terms of, you know, convenience for customers.

8:54 All of that, you know, has been enabled by digital technology, the digital signage that we provide. They've recently opened battery power station. If some of you may live down that part of the world, a huge retail space. There are some beautiful stores. It looks stunning. A huge investment going in there. And finally, just another point on the on the retail market. What we're still seeing as well is what was originally pure play online retailers moving into bricks and mortar. Amazon Fresh came over a few years ago and started doing that in The UK. We work with them not in the Amazon Fresh brand, but on their whole food stores. If, again, the quintessential online retail like Amazon is opening bricks and mortar, then, you know, it's not gonna weigh anytime soon. So so the death of the high street is greatly exaggerated.

9:39 What we are seeing is the evolution of the high street, and it's it's evolving in our direction. Yeah. They're putting more and more technology in. So the second market we work heavily in is automotive. A really interesting market at the minute. Lots of change going on. Electric vehicles coming through that provides a real use case and a need for technology. So in two ways, really, one is that is reflecting the technology in the cars, you know, reflecting the brand for these manufacturers, but also enabling you to understand exactly how the electric vehicle proposition works. So lots of frequently asked questions such as, you know, how far does it go? How do I charge it? What's the cost implications? This dealership is Blue Water Hyundai. We we put this in in late twenty fourteen.

10:25 We recently refreshed it last year as to make it electric vehicle focused with some, you know, additional technologies and refreshing some of the technology. Really interesting model. This is in shopping center. So rather than trying to get people to the out of town dealerships, they've they've put a location in where there's lots of footfall, lots of traffic, lots of people can browse. So again, that's what we're seeing is the real evolution of those models where rather than get you into a a big out of town car showroom, and then lots of salespeople trying to sell you stuff, much more about browsing, putting the customer in control, continuing the online journey where they're doing most of their research. Then But they really wanna come in and, you know, physically interact with the car, get in it, you know, feel it, touch it, see how it see how it looks, and that's where bricks and mortar, you know, really delivers.

11:14 Also, in the automotive sector, we're not just seeing innovation on the manufacturer side, but also from the dealer groups where they they want to use technology to improve their showrooms, put the customer back in control again. This is CarVerse where they're using interactive touch screens for their used car journey. Really interesting. It doesn't look like a a car showroom. Yeah. Interesting. There's not even a picture of a car in that. It's very open. It's very much about collaboration, very much about working with the customer to give them what they want and using technology to help them to do that. The third sector we work heavily in, I mentioned, is, corporate offices. That's, been, you know, taking new technologies on for many years now. Certainly, Zoom rooms, Teams Rooms, that's all been coming through this last four, five years. And post COVID, as I said, that's, you know, massively accelerated as we cannot see lots of people not in the office all week or in the office part of the week or it changes week to week.

12:11 So we need meeting room technologies with video conferencing so we can have collaborative meetings, people in the room, people joining from wherever they are. We're seeing more and more in impact of the reception area. So using digital to make that really, you know, stand out, to really talk about a brand as soon as someone walks in, and also room management and presentation systems. So, you know, being able to to manage how it works in the room so someone can come in, press a button, and get started quickly without having to sort of figure out what to do and spend you know, waste time trying to make the systems work. So you're simplifying, making the systems really easy to use, absolutely, you know, something we're doing more and more. In the corporate space, there's there are several different angles and opportunities that's growing. As I said, post COVID, that that hybrid working model is really reducing footprint. That means fewer meeting rooms that need managing, so meeting with booking systems.

13:06 It means being able to deploy, bring your own meeting where you come in with your own laptop, plug it in, and away you go, whether that's Zoom rooms or Teams rooms. Town hall presentation areas is another interesting area for us. So that's where a lot of companies take the opportunity to address their staff. And, I would argue the last sort of three or four years has become more important than ever. There was so much change going on and uncertainty. What we're seeing now is everyone's not in the office. So rather than get everyone to stand downstairs and and the CEO talks, people are offline. People need to see it on a later date, you need to record it. People you need to stream remotely. So AV systems to enable that as a as a real growing area for us. I've mentioned already, excuse me, high impact reception displays.

13:51 I don't think you walk into any, you know, major business these days without expecting to see some sort of technology turning about that business and what they're doing and how they're doing it. And and the final area that we're seeing quite a bit of growth, a lot of niche opportunity for us is a a product called Barcode ClickShare we work with. That's all about wirelessly transmitting from your laptop to a screen. So the idea is, you know, you get rid of all the cables and no one knows where they go and people pull them out. Makes it easier to use and, again, a more consistent experience when you walk into a room. The really nice thing about that, and it ties in one of pillars we talked earlier, is really data about the room usage for that. So how often has it been used? What technologies are used? And that can be fed into the next generation of yeah. Next upgrade to the meeting rooms. The office managers can look at it and go, okay. We haven't got enough rooms that do x y zed, or we've got too much capacity here. How can we refine that and make it, you know, more appropriate for the staff and how they're working now? So you're really moving a lot quicker in these in these turnarounds of rooms and and structure for businesses. So, yeah, really important technology for them.

15:00 I mentioned earlier I was gonna talk about market size and opportunities to grow. I I think that's very much, you know, key to the question why now. We believe there's a significant opportunity now to build a leading digital signage business with international reach, and arguably, we're well on our way to doing that. Digital signage, we've been talking about it for fifteen plus years, but the market has really taken off the last five and the last sort of two to three. It's really exploded. If you walk down any high street, walk into any sort of major shopping center, you'll see technology everywhere now, digital signage technology. In terms of the global markets, so the AV market, totally the professional AV market, so that would include all those sectors and some others as believed to increase by over a 113,000 US dollars billion dollars over the next five years with a compound average growth rate of just under eight percent between 2022 and '27.

15:52 Within that, the global digital signage market itself is forecast to grow by just over 8,000,000,000 US dollars over the next five years, CAGR of just over 9% between 2022 and '27. So a huge growth expected in this market, and that's what, you know, we can all see, you know, coming through. The other opportunity we have is there are many relatively small skilled companies in the market, but without sufficient access to capital or scale to meet this coming demand. And that gives us real opportunity. MEDIAZEST to use our public listing to become a consolidator in the market. So the results for the twelve months. So the obviously, the accounts went out recently just to sort of look at some headline figures there and talk a little bit behind them.

16:39 On the profit and loss side, as we said, we're really pleased to see revenue grow back post COVID. We grew 26%. The gross profit actually grew 39% as a result of margins improving. So great to see the top line revenue growth, still

16:52 but maintaining, in fact, improving the margin. It was really pleasing to see. EBITDA up a 184%. So a big swing from 78,000 profit to 220,000 profit and a swing to profit after tax, as we mentioned.

17:08 On the balance sheet, year on year is pretty consistent. I think the one area that stands out is the trade debtors, trade receivables is is slightly higher than last year and the cash slightly lower, and that's because there was a large contract invoice that was paid shortly after year end. So just missed the cutoff.

17:27 So thinking behind the numbers, our largest 20 clients by revenue account for around 80 to 90% of our turnover in the last two accounting periods, and 16 of this group appear in both f y twenty two and f y twenty one. So really consistent group of clients that we work with on a long term basis. That leads to regular repeated work on projects, and often that's on a store by store or a dealership by dealership basis rather than large one off deals. So what we might get is a a rollout of stores, but one at a time, maybe three or four a quarter, and they could vary from sort of two, three thousand pounds up to sort of twenty, thirty, maybe even more. And That makes it difficult to put, you know, big blockbuster announcements out of these rollouts, but the great news is that underlying the business, there's consistent work coming through. Even if it's not contractual, it just comes on a regular basis.

18:18 Capture that and to talk about that, that's why we do trading statements, sort of trading updates every quarter or so, as well as the half year accounts and the full year accounts. It'd be great to have a big one big purchase order and a and a nice big deal to announce, but that's not really how the market works. Finally, on that point, the recurring revenue contracts since we last did a presentation like this, we've grown about 10%. So we're now in the region of about £600,000 annualized value. That's 21% of our total revenues. Some of those are multiyear deals, typically up to three years. Some are shorter term. I would say most are now moving to longer term. That's great for us because it means we can we can guarantee that income and we've got better visibility of income, but also great for our customers because they know they've got the support for the solution. So it lasts and they get the ROI out of it.

19:09 So finally, just a a sort of summary and the outlook. We're an award winning audio visual technology partner choice for a lot of top global brands. We've got several large long term clients with large growth potential, and some are already on rollout projects with us that are in progress. What we're really seeing is the maturing market in digital signage, and that's opening up opportunities to consolidate the market as well as grow organically. We believe we're very well positioned in each of our three key markets to grow as well. In retail, we were focused on fewer, better stores and an enhanced digital experience. For automotive, we're transitioning more to electric vehicles, but also to digital models. And the corporate market where we're seeing the accelerated trend for a small office footprint, saving costs, and using technology to help manage that and improve staff retention and collaboration.

20:01 Just as an appendix, and this is all available, either in the accounts or on the website, www.mediasest.com under the AIM twenty six secondtion of the website and investor relations. So directors, and other significant shareholdings, and also shareholder loans and convertible loan notes are there and all detailed in the accounts. There is also a link to the accounts on the website, should you need it.

20:27 So finally, I just wanna say thank you very much for your time, and thank you for listening. We think it's a it's a really exciting time for the business. We're seeing lots of growth in all of our markets, and all the hard work we've been putting in over many years starting to come to fruition now. We think it's gonna be an exciting year and I look forward to your questions. Alessandro, back to you. Geoff, thank you very much for your presentation. Ladies and gentlemen, please do continue to submit your questions just by using the q and a tab which is situated on the top right hand corner of your screen. But just while Jeff takes a few moments to review those questions submitted today, I'd like to remind you that recording of this presentation along with a copy of the slides and the published q and a can be accessed via your investor dashboard. Jeff, as you can see, we've received a number of questions throughout today's presentation. And if I could just ask you to read out those questions and give responses where it is appropriate to do so, I'll pick up from you at the end.

21:14 Sure. Thanks, Alessandra. So yes. So looking for the questions.

21:21 So for Mark, how much of your revenue is now recurring, and how is that revenue split? So that's round about 21%. So about 80% is project based. As I said, within that project, there are quite a few clients that are providing ongoing business for us. So it it may not be a contractual recurring revenue, but it is, you know, ongoing time and time again. Steve Kaye, what market trends are you seeing, and how can you capitalize on them? Who are pitching against? Market trends, I think, very much, you know, as we said in those different areas, the retail, we're really seeing much more digital go in, really trying to tie that online offline experience together, get that consistency as a brand. Automotive, we're really seeing lots more technology in store.

22:08 Again, how they present themselves as a brand, so important to the manufacturers. And on the the corporate office, it's much more think more of a practical, how do we make these these spaces fit for purpose? Now we've got a smaller space, and people are coming in and out of them, and not everyone's in the office. So those are the three sort of big trends in the markets that we're working in. In terms of pitching against, it depends. So in the retail market, we're pitching against other sort of relatively small but highly skilled companies like us, I would say. Automotive, again, the same. I think digital signage, it's a tricky concept, I think, for a lot of our clients. It cuts across lots of disciplines, whether that's IT, store design, marketing, finance, you know. So bringing it all together and delivering that on an ongoing basis is difficult.

22:56 So there's not many people can do it, which is great for us.

22:59 In the office space, as a more traditional established market, there's a lot more competition on that. And that's one of the reasons why we still see a lot of work in that market, but we don't focus on it. We really focus on retail and automotive where we think we're strongest. In terms of who we're pitching against, so, yes, I mean, the in the corporate office, there'll be lots of AV companies, some considerably bigger than us. For us, it's really about, you know, niche technologies, looking after the client. A lot of clients, once they work with us, you develop that trust, they they're happy to continue in different facets. And like I say, pitching against sort of customers companies quite similar to us in the in the retail and automotive. Next question. How do you define the increase in demand, and what lead time do you have for customer projects?

23:47 That's a really good question. In terms of the increase in demand, you know, we see the market growth and the predictions from the sort of, you know, from the the surveys that we talked about in the one of the slides. I think from our side of it, you know, it's very much what we see as well on the call face at, you know, how often are customers coming back to us? Are we seeing new customers? Are we seeing increased demand for pitching? I think the beginning of the year is fair to say, I think, in lots of industries, everyone looking around and concerned what the market in general is gonna be like. But what we've seen encouragingly is lots of lots of pitching and lots of people asking about digital. I think that's because, you know, the the the technology matured and people need it more, you know, than maybe in the past so that, you know, even if even if they're wary about budgets, they're still looking ahead and and understanding they need it.

24:37 So that's where we see an increase in demand just in terms of the amount of activity we've got on on the sales side. What lead times you have for customer projects? That's a that's a really good question. It really varies. Sometimes it could be, you know, if we're a rollout project and we're just doing another another store in that project or another dealership, it could be, you know, two, three weeks, maybe even, you know, maybe even quicker sometimes. If something changes for new projects, that could take a long time. And certainly in the lead time to build those rollout projects, you know, these have taken many years to get to because people typically will experiment with a few stores or a few dealerships or a couple of offices, check how the technology works, understand it, and then start to roll it out over time. So your lead time can be can be very long, difficult to forecast, and it really depends by customer.

25:33 Next question. Sorry. Please give me an update to the establishment of the EU based subsidiary, and how do you expect this to improve new business going forward? Yeah. Absolutely. So the paperwork went in late last year, and that's all been concluded now. So we have the Dutch subsidiary set up as of, I think, the very end of December twenty two. We have several clients that we work with already in the EU, and sometimes they can be EU based clients where they've come to us. So a good example would be Porsche Porsche in Italy we work with in Milan or UK clients who want us to deliver the same consistent excellent experience for them over in Europe. So a good example would be Ted Baker or Lululemon actually that we looked at earlier. What this this is gonna help us to do is rather than take the kit in here and then ship it out and then incur more fees and more costs to the to the end customer, which makes that obviously makes us uncompetitive then in that area. By having a subsidiary, we can buy locally.

26:36 You know, we could run all the accounts there, and we can deliver like that. And I think it's also signaling to our customers that are working with that we are ready to gear up, and that, I think, opens up opportunities for us to write more business with them. And we have several, you know, fairly large opportunities we're working on in the EU. We are pitching at this stage, so, many a slip. But we have you know, we are encouraged by the amount of of opportunities we're now seeing. You know? And I think the having an EU based subsidiary, the attitude that we're seeing from our our European counterparts is that's a big tick in the box to taking us seriously to working with us more in that territory. What are the barriers to entry to sectors you are not currently in? Is health care a key market? We do very little in health care in all honesty. We'd love to do more. I think it is very very specialist and very niche.

27:28 A lot of it is the technology has to be used, has to have certain criteria, so it it needs to meet special regulations on, you know, germ free and and, you know, touch screens that that are self cleaning, that sort of thing. We have done some stuff in the past in that area, and we do have one medical client where we're doing actually, it's digital signage. You know? It's way finding. It's information. It's exactly what we do in in the retail than the automotive market. It just happens to be in a hospital. So there are opportunities there. We don't really focus on that as a market, and there are some very niche players in there. And I don't think that's gonna change. I think this is a there are opportunities for us. We're very happy to take them, but I don't see it as a specialism for us.

28:16 Barriers to entry sectors you are not currently in. Well, I guess touching on that, it's the specialized technologies and the the reputation and, I guess, the the the contacts that you develop in those markets over the years. So, conversely, what we have in retail and what we have in automotive is over many years, we've been establishing those markets, and we've talked to those key players. We have a great reputation, and that and then makes it easier for us to win business. So even if people haven't worked with us, they may have heard of us or come across us or they've worked with somebody who has worked with us. So that reputation is already there. So I would say the biggest barrier to entry to set this we're not currently in is is probably that longevity in it and and those connections. There are other markets such as education, which are tied up in sort of consortium where you have to be a certain size to be on that. We don't generally meet those criteria.

29:10 We still do some work in those sectors, but that's definitely a barrier there to some to do more in that area. I'm just looking to see if there's other questions. Sorry. Yes. One more. You state that you will make a revenue enhancing acquisition in '23. How will you fund this and how fragmented is the market? Our customers are buying customers of capability? We think well, certainly, we've said that we're we're looking at acquisitions, and, yeah, we've been very open about that. We think there's a real opportunity because no one else that we see that we compete with on a regular basis has a listing. So therefore, there's an opportunity to fund it to consolidate it. It's a quite a fragmented market. You know, it has been growing digital signage, but it's taken a long time.

29:56 In terms of funding, it would depend on the deal. In terms of buying customers or capability, I would say we would we would consider ourselves at the top end of our market. So I think it's not so much capability, but I think there are small companies there. We put a few together. You can get that economy of scale, and we could get customers, you know, a a wider range of customers. So I would say we'd probably look more in that area. But, yeah, it depends on what the deal is and what company we're looking at. But we are, you know, actively looking around in that area. We think it's a real opportunity. Thank you very much for that, Jeff. I think you've actually managed to address all those questions from investors. And of course, the company will review all the questions submitted today and will publish those responses on the investor meet company platform.

30:44 But just before redirecting investors to provide you with their feedback, which you know is particularly important to yourself and the company, Jeff, could I just ask you for a few closing comments? Yeah. Sure. Thanks, Alexandra. Well, yeah, thanks again everyone for their time, and thank you for the questions. There are some really interesting some interesting points there. We think it's a really interesting time in this market. We've been, you know, doing this, as I said, for over fifteen years, but it really feels like the last two, three years, it started to come of age. To give an example, we used to go in and explain to people what digital signage is, and now we go in and then and we talk to them about what their digital signage goals are with our clients. And I think that really shows that, yeah, we've hit that tipping point. We think it's an exciting, you know, year coming up. There's lots of of great work and great clients we've been we've been looking after for many years, and we hope to, yeah, hope to fill more questions. If you've got more information you'd like, you know, the website, as I said, is mediasest.com.

31:39 Yeah. Please feel free to contact us on that. There's an AIM twenty six secondtion under investor relations. If you've got questions, yeah, please come and talk to us. Jeff, thanks once again for updating investors today. Could I please ask investors not to close this session as you'll now be automatically redirected to provide your feedback in order that the management team can better understand your views and expectations? This will only take a few moments to complete, but I'm sure will be greatly valued by the company. On behalf of the management team of MEDIAZEST PLC, we'd like to thank you for attending today's presentation, and good afternoon to you all.